Heating Equipment Market Size, Share, and Outlook, 2025 Report- By Product (Heat Pump, Unitary Heaters, Warm Air Furnace, Space Heating Boilers), By Application (Residential, Industrial, Commercial), 2018-2032

Heating Equipment Market Outlook

Heating Equipment Market Size is forecast to reach $84.8 Billion in 2032 from $55.4 Billion in 2025, at an optimistic growth rate of 6.2% from 2025 to 2032. The robust Heating Equipment Market growth presents potential growth opportunities for companies across the industry value chain.

The comprehensive market research report presents 12-year historic and forecast data on Heating Equipment Market segments across 22 countries from 2021 to 2032. Key segments in the report include By Product (Heat Pump, Unitary Heaters, Warm Air Furnace, Space Heating Boilers), By Application (Residential, Industrial, Commercial). Over 70 tables and charts showcase findings from our latest survey report on Heating Equipment Markets.

Heating Equipment Market Insights, 2025: Heating Equipment – Key Drivers and Opportunities

The heating equipment market is seeing robust growth due to the growing demand for efficient, environmentally friendly, and cost-effective heating solutions across residential, commercial, and industrial sectors. The increasing focus on energy efficiency and the need for low-emission heating systems to comply with environmental regulations are key drivers of this market. The rise of smart homes, where smart thermostats and programmable heating systems are becoming standard, is further propelling the demand for advanced heating solutions. The trend of decarbonization, in which countries and companies are working to reduce carbon emissions, is leading to an increased adoption of electric heating, heat pumps, and solar-based heating systems.

Opportunities in the heating equipment market include the integration of renewable energy solutions, such as solar thermal collectors and geothermal heating systems, with traditional heating equipment to create hybrid systems that are both efficient and sustainable. Additionally, the increasing demand for heat recovery systems, particularly in industrial applications where waste heat is available, presents a growing opportunity. As the focus on green buildings and sustainable urban planning intensifies, there is increasing demand for smart heating solutions that can be integrated with building management systems (BMS) to optimize energy usage. Further, the market is likely to benefit from the growing demand for electric heating equipment, particularly in countries phasing out natural gas and seeking cleaner alternatives.

Five Trends that will define global Heating Equipment Market in 2025 and Beyond

A closer look at the multi-million global market for Heating Equipment Market identifies rapidly shifting consumer preferences across categories. By focusing on growth and resilience, leading Heating Equipment Companies are prioritizing their investments across categories, markets, and geographies. The report analyses the most important market trends shaping the new landscape to support better decisions for the long and short-term future.

What are the biggest opportunities for growth in the Heating Equipment Industry?

The Heating Equipment Market sector demonstrated remarkable resilience over the past year across developed and developing economies. Further, the market presents significant opportunities to leverage the existing momentum towards actions by 2032. On the other hand, recent macroeconomic developments including rising inflation and supply chain disruptions are putting pressure on companies. The chapter assists users to identify growth avenues and address business challenges to make informed commercial decisions with unique insights, data forecasts, and in-depth market analyses.

Heating Equipment Market Segment Insights

The Heating Equipment Industry presents strong offers across categories. The analytical report offers forecasts of Heating Equipment Industry performance across segments and countries. Key segments in the industry include- By Product (Heat Pump, Unitary Heaters, Warm Air Furnace, Space Heating Boilers), By Application (Residential, Industrial, Commercial). The largest types, applications, and sales channels, fastest growing segments, and the key factors driving each of the categories are included in the report.

Forecasts of each segment across five regions are provided from 2021 through 2032 for Asia Pacific, North America, Europe, South America, Middle East, and African regions. In addition, Heating Equipment Market size outlook is provided for 22 countries across these regions.

Heating Equipment Industry Value Chain

The chapter identifies potential companies and their operations across the global Heating Equipment Industry ecosystem. It assists decision-makers in evaluating global Heating Equipment Market fundamentals, market dynamics, and disruptive trends across the value chain segments.

Scenario Analysis and Forecasts

Strategic decision-making in the Heating Equipment Industry is multi-faceted with the increased need for planning across scenarios. The report provides forecasts across three case scenarios- low growth, reference case, and high growth cases.

Asia Pacific Heating Equipment Market Analysis- A Promising Growth Arena for Business Expansion

As companies increasingly expand across promising Asia Pacific markets with a combined population of over 4.5 billion, the medium-to-long-term future remains robust. The presence of the fastest-growing economies such as China, India, Thailand, Indonesia, and Vietnam coupled with strengthening middle-class populations and rising disposable incomes drive the market. In particular, China and India are witnessing rapid shifts in consumer purchasing behavior. China is recovering steadily with optimistic forecasts for 2025. Further, Japanese and South Korean markets remain stable with most companies focusing on new product launches and diversification of sales channels.

The State of Europe Heating Equipment Industry 2025- Focus on Accelerating Competitiveness

As companies opt for an integrated agenda for competitiveness, the year 2025 presents optimistic scenarios for companies across the ecosystem. With signs of economic recovery across markets, companies are increasing their investments. Europe is one of the largest markets for Heating Equipment Market with demand from both Western Europe and Eastern European regions increasing over the medium to long-term future. Increasing omnichannel shopping amidst robust consumer demand for value purchases shapes the market outlook. The report analyses the key Heating Equipment Market drivers and opportunities across Germany, France, the United Kingdom, Spain, Italy, Russia, and other Europe.

The US Heating Equipment Market Insights- Executives are most excited about opportunities for the US Heating Equipment Industry.

Easing inflation coupled with strengthening consumer sentiment is encouraging aggressive actions from the US Heating Equipment Companies. Market players consistently focusing on innovation and pursuing new ways to create value are set to excel in 2025. In addition, the Canadian and Mexican markets offer lucrative growth pockets for manufacturers and vendors. Focus on private-brand offerings and promotions, diversified sales channels, expansion into niche segments, adoption of advanced technologies, and sustainability are widely observed across the North American Heating Equipment Market.

Latin American Heating Equipment Market outlook rebounds in line with economic growth.

Underlying demand remains higher among urban consumers with an optimistic economic outlook across Brazil, Argentina, Chile, and other South and Central American countries. Increased consumer spending has been reported since H2-2024 and the prospects remain strong for 2025. Aggressive ecosystem moves to create new sources of income are widely observed across markets in the region. Marketing activities focused on customer insights, operations, and support functions are quickly gaining business growth in the region.

Middle East and Africa Heating Equipment Markets- New Opportunities for Companies Harnessing Diversity

Rapid growth in burgeoning urban locations coupled with a young and fast-growing population base is attracting new investments in the Middle East and African Heating Equipment Markets. Designing expansion and marketing strategies to cater to the local consumer base supports the market prospects. In addition to Nigeria, Algeria, South Africa, and other markets, steady growth markets in Ethiopia, Rwanda, Ghana, Tanzania, the Democratic Republic of Congo, and others present significant prospects for companies. On the other hand, Middle Eastern Heating Equipment Markets including the UAE, Saudi Arabia, Qatar, and Oman continue to offer lucrative pockets of growth.

Competitive Landscape- How Heating Equipment Companies outcompete in 2025 and Beyond?

The ability to respond quickly to evolving consumer preferences and adapt businesses to niche consumer segments remains a key growth factor. The report identifies the leading companies in the industry and provides their revenue for 2024. The market shares of each company are also included in the report. Further, business profiles, SWOT analysis, and financial analysis of each company are provided in detail. Key companies analyzed in the report include Carrier Global Corp, Daikin Industries Ltd, Danfoss A/S, Emerson Electric Co., Fujitsu Ltd, Haier Smart Home Co. Ltd, Hitachi Ltd, Johnson Controls International plc, Lennox International Inc, LG Electronics Inc, Midea Group Co. Ltd, Mitsubishi Electric Corp, Panasonic Corp, Rheem Manufacturing Company, Robert Bosch GmbH, Samsung Electronics Co. Ltd, Trane Technologies plc.

Heating Equipment Market Scope and Segmentation

By Product

Heat Pump

Unitary Heaters

Warm Air Furnace

Space Heating Boilers

By Application

Residential

Industrial

Commercial

Countries Included-

North America- US, Canada, Mexico

Europe- Germany, France, UK, Spain, Italy, Benelux, Turkey, Russia, Rest of Europe

Asia Pacific- China, India, Japan, South Korea, South East Asia, Australia, Rest of APAC

South and Central America- Brazil, Argentina, Chile, Rest of SCA

Middle East and Africa- Saudi Arabia, the UAE, Israel, South Africa, Algeria, Nigeria, Rest of Middle East, Rest of Africa

Companies Included in the Heating Equipment Market Research-

Carrier Global Corp

Daikin Industries Ltd

Danfoss A/S

Emerson Electric Co.

Fujitsu Ltd

Haier Smart Home Co. Ltd

Hitachi Ltd

Johnson Controls International plc

Lennox International Inc

LG Electronics Inc

Midea Group Co. Ltd

Mitsubishi Electric Corp

Panasonic Corp

Rheem Manufacturing Company

Robert Bosch GmbH

Samsung Electronics Co. Ltd

Trane Technologies plc

Reasons to Buy the report

• Make informed decisions through long and short-term forecasts across 22 countries and segments.
• Evaluate market fundamentals, dynamics, and disrupting trends set to shape 2025 and beyond.
• Gain a clear understanding of the competitive landscape, with product portfolio and growth strategies.
• Get an integrated understanding of the entire market ecosystem and companies.
• Stay ahead of the competition through plans for growth in a changing environment for your geographic expansion.
• Assess the impact of advanced technologies and identify growth opportunities based on actionable data and insights.
• Get free Excel spreadsheet and PPT versions along with the report PDF.